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1800loanmart, California Complaints & Reviews - loan sharking

1800loanmart Contacts & Informations

1800loanmart

Posted:    BASSGUY1963

loan sharking

Complaint Rating:  95 % with 120 votes
Contact information:
1800 loan mart
California
United States
I foolishly took out a 2600.00 title loan against my 2002 ford pick up truck, done to prevent my home from going into forclosure, GOOD LORD WHAT A MISTAKE!!!
I was so desperate at the time, I should have read the loan docs more closely!!! almost 97% interest?? I have givin them almost $1000.00 already. I called them to get the payoff amount, I was informed it was over 2700.00??? DO NOT DO BUSINESS WITH THESE CROOKS, DO NOT MAKE THE SAME MISTAKE I DID. THEY SHOULD CHAMGE THEIR NAME TO 1800 LOANSHARK
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 8th of Apr, 2009 by   Rhonda 0 Votes
*** WARNING RIP OFF COMPANY AND LIARS***
I recently contacted 1800LoanMart, they should be called loan shark... I spoke with an agent a few times who assured me that they were a legit company and the interest rate was 8% and the loan was 12 months the payment would be aprox 280 per month for 12 months. I filled out an application to see how much I could get. Before I ever signed any papers to get the loan they contacted my insurance company and had my policy re-written stating they had financed the vehicle. TOTAL FRAUD!!! At this point I called again, they assured me they had only inquired as to my vehicle coverage (LIE) I then asked for the loan contract to be faxed to me so I could see exactly what the terms were, they would not do this, said I had to visit a location. I went to the location (some check cashing place) they wanted me to give them my vehicle title and a key. I said no way let me see the contract.. The woman at the check cashing place gave me the loan paper work I WAS SHOCKED, I was so lied to, the interest rate was 99.7% and the term was for 24 months... OMG!!! A $3000.00 loan ended up to be over $7500.00 THIS IS CRAZY!!! Not to mention they wanted a $90.00 loan fee... I tore up the papers and left. MAKE SURE YOU READ BEFORE YOU SIGN!!!
 24th of Apr, 2009 by   David 0 Votes
I have had very similar problems. I actually filed a law suit against the company which is known as Wheels Financial Group, Inc. I set up auto pay for the 28th of every month as stated on my contract. Well the next month later they took my money out on the 2nd. This was 26 days early causing my bank to charge me fees in transferring funds to cover the payment. I called the company 10 times each call I recorded and they flat out refused to refund me but they did acknowledge that the website had a glitch. I talked to about every supervisor in every department. They even threatened to reposes my car if my bank took the money back. Well my bank took the money back and they froze my account not letting me make any payments online any more. Well they then added NSF fees and late fees and I was still unable to make a payment. After I filed the law suit and called them they removed the NSF fee. After all they had the money for nearly 30 days that can not be a NSF fee it was a retraction. I wrote to the BBB and the company refused to respond and I also wrote to the Attorney General who has yet to receive a response from the company. I am suing the company for $4, 999.99. This is do to them increasing my loan, fees by the bank, time off work to file the suit, pain and suffering. I took out $3, 000.00 made 2 payments so far. I asked for a pay off quote and they told me it was over $3, 500.00 per the contract there are no early pay off penalty fees, but yet they are charging me early pay off fees. They are so in the wrong and now that I am suing them Now they refuse to talk to me. Well I guess maybe I will have to file a civil lawsuit after this do to the fact that they breached a written contract. I contacted the Secretary of States and they told me that if the judge decides they can shut the company down for refusing to follow the laws set in by the states and refusing to respond to the Attorney General. I am sure the owner of the company would hate to hear his business is getting shut down. To bad maybe they should be sure they hire reputable employees. They should be glad that they they are not a publicly traded company because then the CEO can be booted out immediately.
 30th of Apr, 2009 by   ara 0 Votes
I made payments with them for two years when I called for a payoff it was so high we got into an argument. They said they would call me back the next day. I woke up to go to work my car was gone. I called and begged to please have my car bback I had made all my payments the man acted like it could be possible. It never happened they demanded all of the money or nothing. Its been 3 months and they have taken my car I paid two years and still they are asking for more money. They have since sold my car and never told me the amount. This place is a rip off and someone should stop companies like this. It is sad and I feel sorry for anyone who does buisness with them.
 27th of May, 2009 by   annamay2798 0 Votes
I was considering trying to get a Loan with them however after reading all these complaints on this site and the RIP off site. I will try somewhere else. Thanks for all the post and the information is very helpful for me.
 8th of Jun, 2009 by   mad as hell 0 Votes
they broke into my garage and took my tahoe... i hate these people.
 10th of Jun, 2009 by   self-employed in CA 0 Votes
DO NOT DO BUSINESS WITH 1-800-LOANMART!!! They are crooks and worse then loan sharks. Of course we all have desperate times but these people will make times worse by charging up to 126% APR. I was told I had a 10% interest rate but what they didn't make clear was it was 10% a month, which made my loan contract APR over 120% a year. They made me sign an Arbitrary agreement which can be refused if a written statement refusing the agreement is FedEx to them within 30 Days. You better believe I am sending that FedEx. They request that you transfer your car title to them and give them a spare key to the car or else you can't get the loan. I told them I didn't have a spare and they waived that requirement for my loan. They also make you take a picture next to the car for their files. The loan is paid out by crummy check cashing places that have contracts with them. the check cashing place pays out a $2600 in western union checks 2 of which are $1000 and one with the remaining balance. If you want to cash them at the check cashing location they charge regular fees for cashing checks. I took the checks to my bank and they put a hold on $900 of the funds because of the amount of western union checks. Now get this, you have to pay $15 to transfer the DMV title to loan mart, and if you have any unpaid parking tickets they will immediately subtract that from your loan amount. They also charge $75 finance charge for opening the loan. You have to allow them to become lienholder of your vehicle with your insurance company and then you have to show your insurance company updated registration info with Loan Mart as the lienholder or you will get dropped from your policy. After you pay off your loan you then have to switch registration back to your name, hopefully you didn't get any new parking tickets or you will be required to pay them off on top of the $15 DMV title transfer fee. Now they claim the loans are totally confidential and they requested 8 personal references. 4 references from family members and 4 from co-workers. I was embarrassed when my girlfriend called and asked if I gave Loan Mart her number. What Loan Mart did was they called her, asked if she was available and then hung up when they verified her number. She called the number back and was connected to 1-800-LOANMART. Loan Mart didn't even use a discrete line to verify the references. I was also embarrassed when my insurance agent called and asked if I allow Loan Mart to become lienholder on my policy, which means if I have an accident Loam Mart will receive the my insurance payout. Of course they didn't tell me they were going to do this when I applied for the loan. So you may have asked yourself why I continued the loan process with all these red flags, I'll tell you why, They claimed to have money in my hand 1 hour after I call to apply for the loan, instead they took 3 business days to get me my money and by then I had no other option other then getting evicted. I would have otherwise found other means for the $700 needed on the 1st of the month. I didn't even need $2600. I immediately paid back what I didn't NEED so i didn't accrue the interest on that amount during the first month. I have to wait 7 days for $900 to clear in my bank account before I can immediately pay that back. If you apply for a LOAN MART LOAN you have to provide 8 references, complete phone bill, 4 paycheck stubs or 3 months of bank statements for self-employed individuals, a current utility bill, a spare key, your original title and proof of full coverage insurance. Again, I warn anybody thinking about doing business with 1 800 LOAN MART. You will not be happy even if you pay-off the loan in the first month.
 18th of Nov, 2009 by   rgmoberg 0 Votes
I have a similar complaint as the others listed above. I was in a desperate situation, and had no choice but to get a loan quick. 1800LoanMart harasses me constantly, and even calls my friends. The interest rate they quoted me is not the interest rate they are charging me. For a $4500.00 loan, I am going to end up paying back over $18, 000.00. I constantly have to worry if my vehicle is just going to disappear. Even to pay the loan off early is an astronomical amount. They make it nearly impossible to get title of your vehicle back. They are crooks and should be put out of business. Has anyone ever been able to pay them off? If there is someone out there that has, I would like to hear from them.
 4th of Dec, 2009 by   SMALL FRY 0 Votes
Was thinking about a loan but you guys changed my mind. I am so glad I found you. THANKS!!!
 9th of Dec, 2009 by   nik-nik 0 Votes
I recently had my car picked up by these assholes! The told me that they were sending someone out to do a condition report which ended up getting a repo company that pretty much took off with my car. Mind you I had made an arrangement with them 2 day prior to the "condition report" look me close to 1300 to get my car back which I borrowed but had to explain the situation to the person I got the $ from, did I mention I got my car back damaged. Need less to say I still owe another $2380 to pay my car off which I will be doing next week! Thank god for good friends!!! Good luck to everyone. DONT EVER BORROW FROM THESE ASSES!!!
 16th of Jan, 2010 by   KGIN -1 Votes
I think we all need to sue the secretary of state and Dept of Corporations for not shuting down these clerks!!!
They have had enough complaints!!
My son who is attending college 19 years old needed a small loan for college I talked to them they said the
rate was 8% I spoke to them helped my son get all work done, went to dmv etc. they were suppose to come sign
him instead the sent him to a check cashing place. The girl handed him the paper work and camera they
told him go take a pictures of the car front, back, sides and vin number. When he came back they took
a copy of license and had him sign. When we didnt recd the payment (address wrong) I knew a payment
was coming due I called them to find out when we were 17 days past due date and they treated me like a criminal on the phone even hanging up on me when I asked who they were licensed by. They are cfl licensed
since 2/20002 they are crooks. My son got in a accident in the vehicle I called them to see if they could help
modify the loan the insurance did not total the vehicle however there was descrepency in the engine the ins
feels the engine problem was not caused by the accident however we know it was The truck was not cutting
out and dying and loan until accident but anyway we were late with 2 payments due to no transporation
they called our references telling them they investing my son for fraud he in no way committed any fraud.
Truth be told they dont want the truck not working (thier collateral) and even if we fix body truck wont
work we offered to pay them but at a discounted rate. But now after false accusations we are also going to
sue them!! Also do your homework last names: torresl, rodriguez, carrillo?? whats up with this???
I believe they money laundering and need a complete audit by the IRS and Dept of Corporations!!!
 22nd of Jan, 2010 by   greatgritt 0 Votes
I have a $460 a month payment i can, t keep up, i, am about to lose my car, 1800 loan mart won, t lower my payments, i no they can do something, but refuse to help me, the say they, re not a refinanace company, i have to pay the $460 or they, ll take my car, any suggestions? please help
 19th of Feb, 2010 by   RUTHLESS=) 0 Votes
I WAS ALSO CONSIDERING GETTING A TITLE LOAN FROM 1800LOANMART, BUT THANKS TO YOUR COMMENTS HELLLLLLLLLLLLLLLLLLL NOOOOOOOOOOOOOO!!! TO BAD EVERYONE OF YOU PAID AN UGLY PRICE TO FIND OUT, GOOD LUCK TO ALL OF YOU.
 19th of Feb, 2010 by   hebrew22 0 Votes
the same problem, i was desperate that times to because i don't have money to pay my rent why business bureau did not do something to investigate this business this is too much, please mr. arnold swarzenegger do something with this loan shark.
 1st of Mar, 2010 by   babrown78 0 Votes
It looks like I just dodged a bullet, maybe! Last week I called this company to take out a loan on my car and spent three days faxing paperwork back and forth to secure the loan. At the final stage, I went to Check n Go (the host site in town) to sign the contract and it wasn't there. After a twenty minute discussion with the attendant and the secretary for LoanMart, I left and went back to work. An hour later I got a call stating that they could not go through with the loan b/c my car had a dent in it, reported by the host site attendant. The problem is that I've already signed them as lienholder on my title (part of the paperwork), and I wonder how long it will take for me to get it back, if at all.
 18th of Mar, 2010 by   Nathan_LA 0 Votes
If any one is reading this DO NOT do business with Loan Mart. I agree with another complaint by calling them "Loan Shark". There should be a law against this and their practice should be considered as preditory lending.

I financed my auto to pay for tuition for college. The loan amount was $2600 two years ago. They gave me a payout today of $2100. WTF? My payments are roughly $218

What I also didn't know until later is that the contract was for 3 years, not 1 year or short term as led to believe.

At one point, I got behind a few days. They blasted my cell phone with text messages and automated response calls repeatedly, even after speaking with an agent. Eventually, repossessed my vehicle. I honestly think they've started the entire loan over again from day one after picking up my car and paying all the fees associated with retrieving the vehicle.

I don't have the guts to tell my family what a stupid, foolish, dumb mistake was made based on good intention. Or if my story justifies legal action against them. I've read the rules over and over and yes, they have the right to repossess even if it's 1 day late.

1-800-LOAN-MART has done more harm than good. Consider them a deadly monetary virus that could financially wipe you out and leave you emotionally and mentally tortured.

That's the truth. Spread the word.
 20th of Mar, 2010 by   SAGM 0 Votes
I AM SOOOOOOO GLAD THAT MY SON WALKED INTO THE HOME N I TOLD HIM ABOUT THE 1800LOAN MART LOAN THAT I WAS ABOUT TO GET. MY SON SAID FOR ME TO CHECK WITH THE BBB REVIEWS FIRST BEFORE SIGHIN ANY PAPERS!! I AM SO GLAD I DID AFTER READING THIS COMMENTS IM CALLING THEM TOMORROW TO CANCELL
THE CONTRACT THANK YOU SO MUCH FOR LETTING THE WORD OUT SO OTHERS DONT GET SCREWED!!! THANKS A MILLION
 26th of Apr, 2010 by   mbravo85 0 Votes
thanks everybody for posting these reviews. i was gonna call but after all the bs they do to struggling families im staying away. sorry u had to go threw this but u saved me from a big mistake
 27th of Apr, 2010 by   WHEN ALL ELSE FAILS. READ!!!! 0 Votes
I MUST SAY AFTER READING ALL THESE RIDICULOUS COMPLAINTS. HOW COME I HAVENN'T READ ANYONE OF YOU IGNORANT PEOPLE TAKING RESPONSIBILY FOR YOUR OWN STUPID ACTIONS AND BAD DECISIONS. EVERY ONE OF THESE PEOPLE SIGNED A CONTRACT AND SHOULD HAVE READ THE FINE PRINT. THIS REMINDS ME OF ALL THE PEOPLE THAT HAVE BEEN LOSING THEIR HOMES BECAUSE OF THE SUB PRIME LOANS THEY SIGNED. THEN BLAMING EVERYONE ELSE BUT THEMSELVES BECAUSE THEIR MORTAGE RAISING WHEN THE INTEREST RATES FLUXUATED AFTER TIME. IT IS SIMPLE ECONOMICS AND PEOPLE SHOULD LEARN HOW TO UNDERSTAND AND ACCEPT WHAT THEY DO TO THEMSELVES. THIS ECONOMIC CRISIS WE ARE IN IS BECAUSE OF STUPID PEOPLE LIKE THIS. LOAN MART IS JUST MAKING MONEY OFF PEOPLE THAT LIKE GETTING THEIR SELVES IN MORE DEBT. DON'T ACT SURPRISED OR ACT LIKE ANY OF YOU DID NOT KNOW WHO YOU WERE GETTING IN BED WITH BEFORE YOU DID IT. THIS COMPANY IS NO DIFFERENT FROM ANY CREDIT CARD COMPANY OR CASH PAY ADVANCE ORGANIZATION. I KNOW NO ONE LIKES TO BE CALLED BY COLLECTORS BUT THERE IS ONE SIMPLE WAY FROM KEEPING THIS FROM HAPPENING. " PAY YOUR BILLS" IF YOU WANT FAST MONEY FOR YOUR BUCKET THEN YOU KNOW YOUR GOING TO HAVE TO PAY THERE IS NOTHING FREE IN THIS WORLD.
 25th of May, 2010 by   stoploansharks +1 Votes
How dare you, "when all else fails!" You are obviously a self-righteous idiot who has never had problems or a thief yourself, as usually is the situation with those who react as you do.

We had a loan with them - and yes, you asshole, we paid it off. That is NO excuse for lying to people about the terms of the loan. They lied about the interest but when I found out it was too late. We paid it, but with difficulty for a few reasons; NOT paying late but;

1) Once they used a card they had on file and took a payment when one was not authorized. I let it go and was kind enough to forgive them due to human error.

2) They used a card that was not authorized for a payment at that time AND had been compromised. My bank had canceled that card because they found suspicious activity so I called LoanMart to tell them about what happened. I told them that since a payment was due, I would bring them payment in cash or give them another card number, which I did right then and there. Instead of taking the payment, phone calls went back and forth for some time until the supervisor, Yvonne, called and threatened me (claiming my husband had somehow scammed them by giving them a card that was not authorized), screamed at me and hung up on me. Really?!!! This is how a legitimate company acts? Come on...

3) We have paid by cash, check payments, cc payments and debit card payments. After the they used a card that had been canceled by my bank, they said they would only take payment from my husband because it was my name on the card. Okay, fine - even though I had done nothing wrong. For all I know, they were the ones who compromised my card. So - we have 2 payments left and all the sudden they have informed my husband they will no longer take cash payments. What?

4) After one particular incident with my bank, a supervisor at my bank informed me to contact the District Attorney's office to report them. I will do that but am waiting for the loan to be paid off in 2 months. I know that if I take action beforehand, they will illegally take my car while finding a "reason" for that is what they do. And if they take it illegally, there will be no recourse for me that will get my car back on time so I can continue working.

Does all this sound like the actions of a legitimate company? It is not.

AND - this is a similar situation as mortgage loan docs; they are made too difficult for people to understand. Just like anything, we are supposed to be able to trust "professionals" in the business, such as loan brokers, lenders or real estate agents to explain to us how the loans work. We are not attorneys nor should we have to be to get a loan, buy a home, etc. But these papers are put in legal-ese on purpose, so as to trick the borrower. This is called "predatory lending."

In addition, thanks to Bush and his neocon cronies - most of these places are not regulated and thus are protected because they are not banks. They are classified as lenders, so they are free to lie and monetarily "rape" people as they like.

I am so sick of you neo-conservatives who don't care about anyone but yourselves blaming bad loans on the victims. Yes, there are many who had no business taking home loans out - that was stupid. But also blame the idiot loan brokers and real estate agents screaming like the sky is falling, "Prices will only go up, " squawk! They are the ones who were telling people to take loans - no problem - you can always refinance for a lower rate or non-adjustable rate later!

And that has nothing to do with LoanShark, I mean LoanMart. They are predatory lenders and should be stopped. I, for one, will start the process. Go stand in front of their door with signs about what they do. Inform people about their dirty practices.

Call your senator and tell them you want places like this stopped - and for God's sake don't vote for conservatives who will continue to protect these types of businesses in the name of "freedom." The only freedom that comes with modern-day conservatism is freedom for the corporations to rape you and no freedom when you vote.
 14th of Jun, 2010 by   johhny e 0 Votes
HAHA you people are fools! Stop blaming the victem.. AWWW it breaks my heart.. ITS CALLED <<>> AND YOU SHOULD READ IT!!! None of these companies straight out lie to you, that would be illegal! They just incourage you not to read all the details of the loan and sign! That is there job. Maybe you should get one and you wouldent have this problem. ANYWAY'S, IT IS YOUR FAULT FOR SIGNING WITHOUT READING THE TERMS!! AND most of these comments are a warped version of reality. Anyone with a remote sense of intelligence would know not to belive half of this posted garbage. As for the insane intrest rate, yeah thats probable, and unfortunate; however you did sign correct? Ohh thats right, you did!

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